The Equipment Leasing Q


TruckQ automates F&I for commercial truck dealers and offers instant quotes for borrowers

BURLINGTON, Mass. (Oct. 24, 2016)LeaseQ, an online marketplace connecting business owners, equipment sellers, and lenders to make selling and financing equipment fast and easy, today launched TruckQ, the first automated equipment leasing and finance platform for the commercial truck industry. TruckQ is designed to automate the financing and insurance (F&I) desk at commercial truck dealerships, and ease the borrower experience with multiple lenders and instant quotes.

Commercial trucking is a highly complex, but growing market, with trucking revenues expected to hit $1.52 trillion by 2026, according to Road Scholar Transport. The industry includes eight classes of trucks by weight – from cargo vans, to transit buses and dump trucks – approximately 4,400 individual dealerships, and a highly specialized group of lenders that often serve only one class of truck or size of operator. Matching borrowers with the appropriate lender has long been a challenge without automation to find and compare instant quotes for equipment leasing and financing.

“When you buy a car as a consumer, you work with the sales manager and then the finance manager, who has a suite of automated tools at his disposal to close the deal. No one is taking that automation approach in the commercial truck space,” said Cory Damm, vice president of client services at LeaseQ. “With TruckQ, we have not only automated the equipment leasing and finance experience, but also on-boarded 30 new lenders to serve all truck classifications.”

Truck Q provides instant quotes for truck industry borrowers with A++ to D credit, using a single application and soft credit pull. Specialized lenders on the TruckQ platform include Webster Bank, Navitas Credit Corp. and East Harbor Financial, among others. LeaseQ has also partnered with prominent truck industry associations, including the Used Truck Association (UTA), Owner-Operator Independent Driver’s Association (OOIDA) and the Truckload Carriers Association (TCA).

“Every business has risk, but by understanding what a trucking company does and how it does it, it’s possible to get owner-operators the financing they need,” said LeaseQ borrower Kenny Mahase, owner of Star Trucking & Construction Services. “Financing my trucks with LeaseQ has helped me expand my business to a different area of the state, create more jobs, hire more people, grow my presence in the industry and keep more money for working capital, rather than having it go to hefty down payments.”

For more information about LeaseQ’s TruckQ platform, visit


We are thrilled to announce that our incredible borrowers Hyo Jin Kim and Hye Jeong Cho were featured in an AMEX Open Forum article titled, “What It Takes to Find Funding as a Minority Business Owner.” The article outlined three minority entrepreneurs and their experience funding their business ventures.


The following is an excerpt outlining Kim and Cho’s financing journey:


Korean immigrant Hyo Jin Kim and his wife Hye Jeong Cho found a lender willing to fund their equipment for their meat market startup in Jonesboro, Georgia. But when it came time to close the loan, the lender required them to acknowledge the terms in English, rather than let their daughter translate.


Instead, they found a financier who was able to work around the language barrier. Kim and Cho secured a lease for $20,000 worth of equipment through third-party leasing company LeaseQ, who matched them with Financial Pacific Leasing (FinPac). FinPac hired a translator to help the couple understand every part of the financing process.


We hope Kim and Cho’s incredible story of determination and dedication will help other minority business owners find the financing they need to open the business of their dreams.


To read the full article, please visit:


With football season upon us, we found ourselves thinking about the experience of attending a game at the stadium. It wouldn’t be nearly the same outing without a cold beer and a tasty hot dog in hand. Being the equipment fanatics we are, we couldn’t help but think about the items necessary to keep a stadium concession stand running successfully with crowds of people pouring through on game day.


Large-scale stadium concessions must haves are soda machine, hot dog warmers, a grill, a fryer, a cotton candy machine, display merchandisers, heated display cases, popcorn machine, pretzel display case and a beer keg just to name a few. Specifics will be determined by the food and drink options each concession stand provides. Remember that these pieces of equipment must also be purchased in multiple quantities to provide for each concession stand, beer garden and private box in the stadium! That’s a lot of equipment.


Next time you are spending an afternoon rooting on your team at the stadium, be sure to stop by a concession stand for a game day treat!



With an ever-expanding roster of equipment lenders, it can be difficult to determine which option is the best for your business. Although there is no one-size-fits-all when it comes to equipment financing lenders, there are a few ways to break down what your lending needs and preferences are. Our CEO, Vernon Tirey, advises all small business owners to seriously consider the following three questions when determining their perfect lender—or, of course, to visit the LeaseQ marketplace for instant quotes from multiple lenders with one application:


  1. How big is their pocketbook?

All good relationships depend on compatible spending habits, and small business borrowers should look for a lender that finances equipment in the dollar amount they need. Lenders typical specialize in only one or two dollar amounts: Micro-ticket under $25,000; Small-ticket under $250,000; Mid-ticket under $5 million; or Large-ticket over $5 million.


  1. What’s their “type”?

Do they like restaurants? Or would they rather be at an amusement park? Lenders generally specialize in 4-8 equipment types at most, so it’s important for small business borrowers to seek a lender in their specific equipment vertical, whether that be restaurant, medical, construction or any of the other 30 types of equipment!


  1. How’s their credit?

No lender handles A through D credit, so it’s important for small business borrowers to take a look at their own credit profile, and seek a compatible lender.


By seeking solid answers to each of these questions, you will be able to find your perfect lender match with less confusion and stress. It is important not only to understand what each lender can offer, but also to express what you need and discern how that fits into their requirements.


LeaseQ’s network of lenders span all industries and business needs and we work to find you the best fit for your equipment financing needs. We encourage you to think about these three questions in preparation for determining lender options.


We are thrilled to announce that FitSmallBusiness has named us a “Best Restaurant Loan” in the category of equipment financing. This is a significant honor for us, because of our dedication to helping small businesses succeed.


Starting a restaurant is a daunting process and securing financing for a restaurant venture is becomingly increasingly difficult. Big banks view restaurant ventures as risky because of stiff competition, ever-changing trends and high capital expense, and tend to turn down many applicants on the spot.


FitSmallBusiness set out to identify the best restaurant financing options because of this tough financing climate:


Restaurants generally have higher startup costs than many other types of businesses, averaging $500,000 according to an industry survey by Operating costs are typically higher as well. At the same time that restaurant owners need more capital, however, it can be difficult to get funding because lenders perceive restaurants as high risk businesses.


We are thrilled to have received this recognition, and hope we can assist more and more business owners with opening the restaurant of their dreams.


To read the entirety of FitSmallBusiness’ feature, please visit:


There’s nothing better than hearing the ring of an ice cream truck on a scorching summer day. While ice cream is the perfect treat for any summer afternoon, people seldom consider the investment that goes into their neighborhood ice cream truck.

food-ice-creamIt is no small feat to create and fund an ice cream truck venture, and having the right equipment is imperative for success and longevity. Not only must you have the proper kitchen equipment, you must also have equipment to bring attention to your truck. Flashy and easily readable signage is a must as well as a catchy horn or ring that signifies your arrival. Inside the truck there needs to be a cold plate freezer, a refrigerator for toppings and drinks, an easily accessible rack for napkins and utensils, and a cash register. A cold plate freezer, in particular, is a must, because it fits nicely in the truck, holds freeze for 10-12 hours and has easily-accessible opening lids for fast service.

Keep your eyes (and ears!) out for your neighborhood ice cream truck, and be sure to thank the ice cream truck entrepreneurs while you enjoy your cone!


This week, we wanted to shine a spotlight on an incredibly talented borrower – Library of Congress’ photographer Carol M. Highsmith. Her compelling photography and career path provides an inspirational story. Three of Carol’s original pieces of photography are featured below – simply stunning. Enjoy!

Carol M. Highsmith, the owner of Carol M. Highsmith Photography, who is visually documenting early 21st century America for the Library of Congress, was three weeks away from a high-profile job in Texas. She thought she had the latest equipment for the job but when the camera company she used for years suddenly released a new model – ideal for her shoot – she was delighted yet worried. Like most business owners, Highsmith was on a budget and wondered how she would ever get the equipment ordered, delivered and financed in time for her next big job. Traditional equipment financing alone can take several weeks and come with numerous fees. She simply couldn’t afford to wait.

carol 4

Highsmith was researching alternative financing options when she found LeaseQ. She told LeaseQ what equipment she needed and from which equipment sellers, filled out a simple, one-page application and received instant quotes from lenders who would finance the equipment. Highsmith also got a call from her personal LeaseQ funding representative, Paul, to walk her through the process and answer her questions.


“When I found LeaseQ I thought, ‘Well, I’ll bite the bullet and try it,’ and they kind of saved my life,” Highsmith said. “My rep is outstanding. I photograph throughout America and donate my work to the nation and world, but grants that support this are my livelihood. I have to be the best and work with the very best equipment. Paul understands that complexity. He considered every single detail of my business to find the perfect lender for my needs.”


carol 2Highsmith chose Crestmark as her funding source and immediately submitted her application. Within three weeks, the deal was complete.

“Before LeaseQ, I had lots of finance companies calling me with quotes, but I wasn’t satisfied,” Highsmith said. “I chose LeaseQ because its platform and equipment finance expert, Paul, found me the best equipment lease option available and on my terms.”


carol 3Partnering with LeaseQ proved to be a great decision for Highsmith. Her trip to Texas produced more than 5,000 new images of the Lone Star State for the Library of Congress Prints & Photographs Collection. The success of her trip and the cash she saved through financing helped fund three more shoots in West Virginia, Colorado and Wyoming.


“Some people get to places, have a moment and don’t have the right equipment with them. They hang their head and say ‘what a shame I’m here and can’t take this image properly,’” Highsmith said. “The great thing about LeaseQ and leasing is that I never have to worry about my equipment. Having the latest equipment allows me to stay at the top of my craft. In the end, it’s not about me, it’s about the people and places I photograph. It’s a visual record of America today, for the ages.”




Taking inventory may be the most tedious task of operating a business, but it is an imperative component for success. All too often business owners avoid or simply forget about this task because on the surface it may seem unimportant.

pizza-1344720_1920Our VP, Cory Damm, spoke with Pizza Today about why restaurant owners need to make inventory a top priority. In particular, he spoke to the specific benefits pizzerias will obtain by measuring inventory accurately.

“It seems obvious, but lots of people have a very surface-level idea of what inventory management is,” says Damm. “Metrics are fairly unique for each style of operation, and you need to identify which ones are important to you.” Per-pizza portions are paramount to a fast casual shop, for instance, while liquor is a major cost center for a dine-in pizzeria.

To hear more from Cory and other industry experts on why you should be taking inventory, please visit:


This month on #BehindYourBusiness we are putting the spotlight on the sweet, French treat, macarons. A favorite of many, macarons are known for their vibrant variety of colors, flavors and unique texture. Woops! an NYC-based macaron franchise, knows how to make the perfect macaron while creating out of the box flavors for dessert enthusiasts to savor.

Woops! opened up a pop-up shop in NYC during the holidays of 2012. Since then, they have opened multiple kiosks and full-scale cafes around the East Coast, and now have big plans for expansion. The LeaseQ team met with Woops! in the fall of 2015 to discuss their equipment financing needs and how LeaseQ could help franchisees open new kiosks and cafes across the country quickly and efficiently. In order to make macarons, Woops! needed everything from ovens and refrigeration units to mixers and display cases. With our franchise financing platform, Woops! has a running record of all equipment needed and vendors on call to streamline the build-up process.

“We’re in expansion mode, and having LeaseQ as a consistent financing partner to help franchise candidates ultimately become franchisees is critical for growing at a quick rate. We’re projecting 80 percent growth over the next year.” – Ben Woodruff, VP of franchise development at Woops!, the nation’s premier macaron franchise.

To check out Woops! delectable treats and find a location near you, please visit:

To inquire about franchise financing options, please visit:



We are thrilled to announce that we have been featured in Entrepreneur magazine in a piece about alternate financing solutions for small business owners. A heartfelt thank you to our incredible borrowers, Jared Forman, owner and chef at deadhorse hill restaurant and café, and Isaiah Stanback, owner of Steadfast Fitness and Performance, who are highlighted as examples of how equipment financing can support up-and-coming entrepreneurs.

We hope the article will shine light on alternate financing options for those who may have just been rejected by a bank, are confused about where to start their financing search, or have just begun dreaming about starting a business.

To read the entirety of the Entrepreneur article, please visit:

And be sure to pick up a print copy of the magazine’s July issue – we are on page 49!